What are FHA Home Loans?
FHA loans, are loans that are insured by the Federal Housing Administration. Typically, these loans have lower interest rates, and can be more inclusive when it comes to borrowers being qualified. Since they are backed by the government, and require the borrower to obtain mortgage insurance and an appraisal, the rates on FHA loans tend to be lower than other products.
Is an FHA Loan right for me?
| Requirements and Eligibility | Details |
|---|---|
| You can have a high or a low credit score | Your down payment amount will depend on your credit score, but a lower credit score will not disqualify you from getting an FHA home loan. |
| The minimum down payment for an FHA loan is 3.5% | Your down payment amount will vary depending on your credit score, but the minimum will be 3.5%. In some cases, if 3.5% is high for borrowers, our First Savings Mortgage Loan Officers can discuss some down payment assistance programs that may be available to you. |
| You must go through a FHA-Approved Lender | First Savings Mortgage is an FHA Home Loan approved lender with over 30 years of experience in Washington DC, Virginia, Maryland, Florida, Delaware, North Carolina and South Carolina. |
| Mortgage Insurance is required | Mortgage insurance is required for all FHA loans, regardless of down payment. This protects the lender should you default on your loan. Talk to a loan officer if you have questions about mortgage insurance. |
| Loan Terms for FHA loans are for 15 and 30 years and at a fixed or variable arm rate | You can choose a 15 or a 30 year loan term. |
If you have any questions about FHA loans please contact the First Saving's team. Our trusted loan experts are available to help with your individual loan needs.